Chinese global investment firm HSG has made a significant move by acquiring a controlling stake in the Italian sneaker label Golden Goose. This marks one of the largest Chinese investments in a European luxury brand.
Temasek, a notable global investment company, alongside a fund managed by its wholly-owned asset manager, True Light Capital, will take a minority stake. The US investment fund Permira is set to remain a strategic minority shareholder, continuing its successful collaboration with Golden Goose as stated in a press release from the Venice-based sneaker brand.
This deal concludes months of speculation regarding Golden Goose’s potential sale to a Chinese investor.
Financial terms have not been disclosed. The transaction is expected to meet customary closing conditions and regulatory approvals, with a current target to finalize by summer 2026. Golden Goose S.p.A. anticipates redeeming its €480.0 million Senior Secured Floating Rate Notes due 2031 in full.
Golden Goose has experienced remarkable growth over the last five years, consistently impressing observers with its performance. From 2020 to 2024, the brand saw a rise in revenues from €266 million to €655 million, demonstrating strong, profitable growth. During this period, Golden Goose accelerated its direct-to-consumer (DTC) channels, launched the innovative Forward Store concept, diversified its product offerings, and invested heavily in ‘Co-Creation’ experiences to deepen customer connections globally.
This investment aligns well with Golden Goose’s strong financial performance. For the nine months ending September 2025, the group reported double-digit growth across its regions. Revenues increased by 13% year-on-year, fueled by a 21% expansion in its DTC channel and a growing store network that reached 227 directly-operated locations, up from 97 in 2019.
The new investment aligns with the strategic and cultural goals of Golden Goose’s growth. It will draw on the combined expertise of the investors who have a track record in luxury and consumer tech brands like Moncler and Ermenegildo Zegna by Temasek, as well as ByteDance, Pop Mart, RedNote, and Marshall by HSG. This collaboration aims to bolster Golden Goose’s international presence as a next-generation luxury brand, while preserving its Italian heritage.
Silvio Campara, Golden Goose’s dynamic CEO, will retain his role, leading the group alongside the existing management team. Marco Bizzarri, currently a non-executive director on the Golden Goose board, will transition into the role of non-executive chairman. His extensive industry experience, shaped by his leadership at globally renowned luxury brands including Gucci, Bottega Veneta, and Kering, will be crucial in accelerating Golden Goose’s global expansion.
“We are thrilled to welcome HSG and Temasek as strategic partners to Golden Goose as we enhance our global aspirations as a luxury brand. Their investment signifies yet another affirmation of the success of our model at the intersection of luxury, lifestyle, and sportswear, embraced by a worldwide community of enthusiasts. Leveraging their expertise in scaling global leaders in luxury and broader business areas, HSG and Temasek will assist us in navigating the vast opportunities ahead for Golden Goose. We are thankful to Permira for being essential partners to our journey thus far and are excited they will continue to be valued partners along with HSG and Temasek,” stated Campara.
“Golden Goose embodies love, empathy, authenticity, and a deep sense of community in today’s luxury market,” shared Jiajia Zou, Partner at HSG. “We are honored to partner with Temasek and Permira, alongside Silvio and his talented team, to guide the brand as it embarks on its exciting growth journey internationally. Our aim is to uphold the essence of Golden Goose while bringing its unique spirit to consumers across the globe for generations to come.”
Furthermore, Francesco Pascalizi and Tara Alhadeff, partners at Permira, remarked: “Golden Goose has set the standard for what it means to be a next-generation luxury brand for two decades. They have cultivated a devoted global community of GG-lovers while establishing a robust and high-performing business. In a challenging climate for the luxury sector in 2024 and 2025, Silvio and his capable team have consistently delivered remarkable performance and solid growth, demonstrating that Golden Goose is a brand resilient enough to withstand the test of time.”
